Solana Token Down Double-Digits as NFT Growth Plummets

Despite news that Google Cloud would begin running a Solana validator, the token backing the speedy layer-1 blockchain has plummeted double-digits. The so-called Ethereum Killer’s native token, SOL, has dropped nearly 12% in value over the past 24 hours, according to data from Coingecko.  

Solana is a proof-of-stake (PoS) layer-1 blockchain that offers many of the same operations as Ethereum, including decentralized finance (DeFi) applications and non-fungible tokens (NFTs). SOL dropped from $36.29 to $31.02 early Monday morning. It has since staged a modest rally to $31.80 at press time. Trading volumes also saw a 19.22% dip to $2.77 billion over the same period. SOL is still down 87.8% from its all-time high of $259.96.